Ethereum (ETH) has managed to surpass its 20-day Exponential Moving Average (EMA) but is struggling with Bitcoin's volatility. According to Rajagopal Menon, VP, WazirX, the social sentiment around ETH is cautiously positive. However, the Elder-Ray Index signals a buyer's market. He suggests ETH faces potential bearish trends, with a significant drop to $2,864 possible. He said, “ETH is trading within a descending triangle, signaling potential bearish trends. A significant drop to $2,864 is possible. Breaking the upper trend line could target $3,100. Next week's SEC decision on ETH ETFs is crucial.”
Parth Chaturvedi, Investments Head at CoinSwitch Ventures, highlighted that the overall crypto market has been relatively stable, trading in a narrow range despite the U.S. Senate voting against an SEC accounting rule. President Joe Biden has indicated he might veto the resolution.
Bitcoin and Ethereum are currently trading around $65.4k and $2.9k, respectively, down 0.8% and 1.9%. He said, “Trading around $65.4k and $2.9k, BTC and ETH are down by 0.8% and 1.9% respectively. While the broader market is in the red, a clear outlier amidst the leading cryptos is LINK (+13.6%). The Depository Trust and Clearing Corporation (DTCC) in the U.S., along with Chainlink and major US banks, completed a successful pilot to accelerate the tokenization of funds. This collaboration is a step further towards the adoption of blockchain technology in the traditional asset management sector.”
He further said that on the policy front, both Turkey and India have made strides in developing crypto regulations. The Securities and Exchange Board of India (SEBI) has proposed the appointment of multiple regulators to oversee crypto trading, moving towards a more structured regulatory framework. This recommendation has been submitted to a government panel advising the finance ministry on policy formulation.
Shivam Thakral, CEO of BuyUcoin, noted that recent Consumer Price Index (CPI) data shows signs of cooling inflation, which has sparked optimism in financial markets. This optimism has been fueled by the possibility of a rate cut by the US Federal Reserve if inflation continues to decrease. He said, “ The crypto market reacted immediately as BTC touched the $66,000 mark while ETH was hovering around the $3,000 mark. As per the media reports, India’s market regulator SEBI also suggested crypto trade oversight which brings us a step closer to regulated crypto trading in one of the major digital asset markets in the world.”
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